A management accountant who refuses an expensive gift from a software salesperson meets the ethical st ard of integrity All of the following tools help companies compete in today s market except KJD Activity based costing focuses on activities as fundamental building blocks in compiling the indirect costs of products services customers Averaging is involved in computing unit product costs when using both job order costing process costing Costs incurred to detect poor quality goods or services are appraisal costs Costs incurred when the company does not detect poor quality goods or services until after delivery is made to customers are external failure costs Dell can use ABC information for what decision All of the above Facility level costs are costs incurred no matter how many units batches or products are produced Firms acquire the ISO 9001 2008 certification to demonstrate their commitment to quality For Toyota which is a direct cost with respect to the Prius Cost of vehicle engine ERP serves the information needs of people accounting as well as people in marketing in the warehouse How does Dell s management use product cost information All of the above If manufacturing overhead is overallocated for the period by 200 then jobs have been overcosted during the period If the company underestimates the amount of allocation base when calculating its predetermined manufacturing overhead rate but estimates the amount of manufacturing overhead costs correctly the amount of manufacturing over allocated for the year will be overallocated In addition to accounting knowledge management accountants must possess all of the following skills except computer programming skills In computing cost of goods sold which of the following is the manufacturer s counterpart to the merch iser s purchases Cost of goods manufactured In a job costing system all of the following st about materials are correct except for which of the following all materials are always classified as direct materials Internal failure costs are costs incurred when defects in poor quality goods or services are corrected before making delivery to customers Kaizen is a Japanese word meaning change for the better Lean companies use a workplace organization system called 5S to keep their work cells clean organized Which is not one of 5S components Sanitize Lean thinking is the management philosophy strategy focused on creating value for the customer by eliminating waste Manufacturing overhead is allocated to jobs in an ABC system by using the following formula Activity cost allocation rate x Actual amount of activity allocation base used by the job The cost of oranges at a fruit juice manufacturer is an example of a cost from which element in the value chain Production The costs incurred for a particular product regardless of the number of units or batches of the product produced are known as product level costs The formula to calculate the amount of manufacturing overhead to allocate to jobs is predetermined overhead rate times the actual amount of the allocation base used by the specific job The legal costs associated with filing a patent for a new model of oven at an appliance manufacturer is an example of which type of activity product level The rate of production needed to meet customer dem yet avoid overproduction is known as takt time The time that elapses between the start of production the product s completion is known as manufacturing cycle time The three basic components of inventoriable product costs are direct materials direct labor manufacturing overhead The triple bottom line focuses on people planet profit The Sarbanes Oxley Act of 2002 was enacted to restore trust in publicly traded corporations their management their financial statements their auditors The SEC is expected to require the adoption of IFRS for all publicly traded companies within the next few years which differed from the GAAP that companies are currently required to use TQM is a management philosophy of delighting customers with superior products services by continually setting higher goals improving every business function POUS is a storage system used to reduce the waste of transportation movement in which tools materials equipment are stored in proximity to where they will be used most frequently Unit level costs are incurred for every single unit of product produced What company position is in charge of raising the firm s capital Treasurer Which of the following is not one of the three responsibilities of management Costing Which of the following about managerial accounting is true Internal decision makers use managerial accounting Which of the following statements is true The Internal Audit Department reports to the audit committee Which of the following is not a characteristic of managerial accounting information Emphasizes reliability Which of the following is not one of the provisions of the Sarbanes Oxley Act of 2002 The company s auditors assume responsibility for the f s Which is not an element of Toyota s value chain Administrative costs Which one of the following costs would be considered a direct cost of serving a particular customer at a McDonald s restaurant The cost of the hamburger patty Which of the following is not part of Toyota s manufacturing overhead Depreciation on its North American corporate headquarters Which of the following is irrelevant to business decisions Sunk costs Which of the following is true Total variable costs increase as production volume increases Which of the following companies would be most likely to use a job costing system rather than a process costing system CPA firm Would an advertising agency use job or process costing What about a paper mill Advertising agency job costing Paper mill process costing Which of the following reasons would indicate that a company should consider using departmental overhead rates than using a single plant wide overhead rate All of the above Which of the following is not a step in computing ABC cost allocation rates all of the above Which of the following is false ABC is only for manufacturing firms Which of the following is not a good reason for Dell to use ABC Most costs are direct indirect costs are a small proportion of total costs XBRL is a language that utilizes a st ard coding system companies use to tag each piece of financial business information in a format that can quickly efficiently accessed over the internet Lean Production a workplace organization system